S&P 500 futures have erased earlier gains and are trading flat.

Japan's 30-year government bond yield fell 4.5 bps to 4.03%.

A-shares closed higher after intraday gains. Shanghai Composite +0.94%, Shenzhen Composite Index +1.72%, ChiNext +2.25%. The semiconductor chain outperformed, led by advanced packaging, lithography equipment and AI-chip segments; multiple semicon names hit daily limit-ups, including HKC and Huatian Technology. PV equipment advanced—Laplace +11%, Amadon hit limit-up. Real estate rallied in the afternoon with Vanke A and Greenland Holdings at limit-up. Other stronger sectors included glass substrate, CPO, retail, controlled nuclear fusion, liquid-cooled servers and MLCC. Lagging sectors were coal, autos, fisheries, planting and shipping & ports. Some recent IPOs spiked: C-Shengu closed +177% (intraday high +297%), C-Xinnuowei +34%. Combined turnover on the Shanghai and Shenzhen bourses was about 2.08 trillion yuan, up roughly 254 billion yuan from yesterday; around 3,900 stocks rose and 1,100 fell.